Asset Coverage Requirements Sample Clauses
The Asset Coverage Requirements clause sets minimum standards for the value of assets that must be maintained relative to certain obligations, such as debt or liabilities. Typically, this clause requires a party—often a borrower or issuer—to ensure that the value of their assets exceeds a specified multiple or percentage of their outstanding obligations, which may be periodically tested through financial reporting. Its core practical function is to protect lenders or investors by reducing the risk of default, ensuring that sufficient collateral or asset backing is always available to cover the relevant obligations.
Asset Coverage Requirements. On or before the seventh business day after the Closing Time the Fund will furnish to the Representatives a report showing compliance with the asset coverage requirements of the 1940 Act and the asset coverage and effective leverage ratio requirements of the Securities (as described in the Registration Statement) as of the Closing Time in form and substance satisfactory to the Representatives. Such report shall assume the receipt of the net proceeds from the sale of the Securities.
Asset Coverage Requirements. As of the date hereof the Fund complies, and as of the Closing Time, assuming the receipt of the net proceeds from the sale of the Securities and the application of such net proceeds as set forth in the Time of Sale Prospectus under “Use of Proceeds,” the Fund will comply with the asset coverage requirements of the 1940 Act and the asset coverage requirements of the Securities (as calculated in accordance with the Statement and as described in the Time of Sale Prospectus).
Asset Coverage Requirements. On or before the seventh business day after the Closing Time the Fund will furnish to the Representatives a report showing compliance with the asset coverage requirements of the 1940 Act and Asset Coverage (as such term is defined in the Statement of Preferences governing the Securities) and Rating Agency Asset Coverage (as such term is defined in the Statement of Preferences governing the Securities) as of the Closing Time in form and substance satisfactory to the Representatives. Such report shall assume the receipt of the net proceeds from the sale of the Securities.
Asset Coverage Requirements. At the Closing Time, the Fund will furnish to the Underwriter a report showing compliance with the asset coverage requirements of the 1940 Act and the asset coverage requirements of the Securities (as calculated in accordance with the Statement and as described in the Prospectus) as of the Closing Time in form and substance satisfactory to the Underwriter. Such report shall be prepared on a pro forma basis assuming the receipt of the net proceeds from the sale of the Securities and the application of such net proceeds as set forth under “Use of Proceeds” in the prospectus supplement, dated November 21, 2016, included in the Prospectus.
Asset Coverage Requirements. At the Closing Time, the Fund will furnish to the Underwriter a report showing compliance with the asset coverage requirements of the 1940 Act and the asset coverage requirements of the Securities (as calculated in accordance with the Statement and as described in the Prospectus) as of the Closing Time in form and substance satisfactory to the Underwriter. Such report shall be prepared on a pro forma basis assuming the receipt of the net proceeds from the sale of the Securities and the application of such net proceeds as set forth in the Prospectus under “Use of Proceeds.”
Asset Coverage Requirements. On or before the seventh business day after the Closing Time, the Fund will furnish the Underwriter a report showing compliance with the asset coverage requirements of the 1940 Act and the asset coverage and effective leverage ratio requirements of the Shares (as described in the Registration Statement and the Basic Prospectus) as of the Closing Time in the form and substance satisfactory to the Underwriters. Such report shall assume the receipt of the net proceeds from the sale of the Shares.